Comments (174)

Mar 11, 2011

Cash and barter.

Mar 29, 2011

Amex......Black

Mar 29, 2011

Amex Black, Never Look Back

Except in jail, always check your back.

speed boost blaze

Mar 29, 2011

Huge fan of Capital One...never had a problem with them and they have pretty good benefits

If I had asked people what they wanted, they would have said faster horses - Henry Ford

Mar 29, 2011
Seanc:

Amex......Black

You spend $250K/year?

http://en.wikipedia.org/wiki/Centurion_Card

Mar 29, 2011

yea... i had my doubts too. what position do you hold?

Mar 11, 2011

Fidelity Amex - 2% cash back on everything

Mar 29, 2011

American Express Centurion Card.

Also known as the "Black" card for its color.

Mar 29, 2011

Credit Card? We have rolls of hundreds in our pockets. No wonder why you can't get chicks.

Mar 29, 2011

AmEx Plat or Gold.

I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars, buddy. A player. Or nothing.

Mar 11, 2011

Platinum Amex - for the miles and the black one

More is good, all is better

Mar 29, 2011

american advantage Citi card

Mar 29, 2011

Can we ban this guy, please?

Mar 29, 2011

fidelity has a card that will deposit $75 into a fidelity trading account for every $5k. You'll save over $500/yr

Mar 11, 2011

If you're not living paycheck to paycheck, why even use a credit card?

Mar 29, 2011

they are obviously full of shit

Mar 29, 2011

I appreciate your persistence OP, but you're just not real troll material.

    • 1
Mar 29, 2011

fidelity American Express = 2% back on all purchases
or, if you don't want amex for acceptance reasons, there's a fidelity Visa with 1.5% back

Mar 11, 2011
JeffSkilling:

If you're not living paycheck to paycheck, why even use a credit card?

You're an idiot dude. Ever heard of building credit / airline miles / starwood points / cash back credit card? If you're responsible and leave 0 balance on your card, it is a lot smarter to use a good credit card that has good rewards over just cash.

Mar 29, 2011
dublin:

fidelity American Express = 2% back on all purchases
or, if you don't want amex for acceptance reasons, there's a fidelity Visa with 1.5% back

The Visa can be 2% cashback too. I has it.

Mar 11, 2011
SHORTmyCDO:
JeffSkilling:

If you're not living paycheck to paycheck, why even use a credit card?

You're an idiot dude. Ever heard of building credit / airline miles / starwood points / cash back credit card? If you're responsible and leave 0 balance on your card, it is a lot smarter to use a good credit card that has good rewards over just cash.

SHORT, I'm only saying this because all the undergrads thought it at the same time and someone has to.... I don't even really want to say it... but... YOU STILL CAN'T BUY BOTTLES WITH STARWOOD POINTS!

Mar 11, 2011
JeffSkilling:

If you're not living paycheck to paycheck, why even use a credit card?

This is wrong. You should get a rewards-oriented charge/credit card and use whenever able, even when you have cash. You don't get points/rewards for swiping your debit card or using paper money.

Just pay it off every month and don't carry a balance.

Mar 11, 2011

what do you mean not living paycheck to paycheck?

and don't you have to open up a fidelity account with fidelity amex?

also, Citi dividend platinum gives 2% cashback as well

Mar 29, 2011

when did you get that card? i heard they dont even invite people to get those anymore...but if they do, what field are you in, so i can get on track to get one...

Mar 29, 2011

*an

  • eyelikecheese
  •  Mar 29, 2011

Go with an AMEX gold or platinum. The benefits more than pay for the card fee. Plus the feeling when you pull this out in front of a lady friend is amazing.

Mar 11, 2011

Alaska airlines Visa for work, but I think I'm going to change to the AMEX gold card for work expenses pretty soon. For personal, I use the AMEX blue cash back card, 1% cash back up to $6,500 annual and 5% after that. I just got the card, but I use it for all my personal expenses (food, bills, gas, etc.) and pay it off every month, so I definitely will pass the $6,500 mark in a yr.

Mar 29, 2011

Sears card

Mar 29, 2011

Wells Fargo is not dolo material

Mar 29, 2011

I second the fidelity cash rewards card. 2% cash back on all purchases, you really can't beat it. The numbers add up really, really quick.

As for AMEX, I have a platinum and the ladies don't give a damn about it. Unless you travel frequently and want to take advantage of the airport lounges, I don't think the Platinum card is really worth it.

Mar 11, 2011

i use my moms Centurion Card

Mar 29, 2011

I believe they still give out invitations. It is not really something to strive for. The card itself has a $2500 annual fee with only marginal benefits over an AmEx plat (e.g. stay 2 nights for the price of 1 at the Mandarin, better travel concierge).

Mar 29, 2011

My dog could get an AMEX Gold card.

Follow the shit your fellow monkeys say @shitWSOsays

Life is hard, it's even harder when you're stupid - John Wayne

  • eyelikecheese
  •  Mar 29, 2011

^^^I only roll with fancy ladies, maybe the ones you hang around don't know what it is..?

Mar 29, 2011
eyelikecheese:

^^^I only roll with fancy ladies, maybe the ones you hang around don't know what it is..?

Or maybe he rolls with the kind of ladies that only care about the Black Card (racists)

If I had asked people what they wanted, they would have said faster horses - Henry Ford

Mar 11, 2011

"for the miles and the black one"

AMEX points are 1 for 1 miles on major airlines; I get X4 points for most online purchases, X6 and X10 during promotional period, plus 1 point/$ for regular POS purchases. I can also redeem them for gift cards, or pay with points when checking out.

I also get extended warranty on most purchases and free upgrades at hotels.

For purchases I prefer to pay with a CC because 1) i am not responsible for fraudulent activity (good luck getting money back to your checking account in a timely manner), 2) if I have a return, the money gets credited back within 2 weeks (vs. a corporate issued check takes way longer than a month), 3)If I have a dispute with a merchant, CC is someone that will investigate on my behalf, vs. if cash money is involved, I would most likely have to go to small claims to get it back, 4)transaction record in case a receipt gets lost

More is good, all is better

Mar 29, 2011

no one here has an amex black - i think seanc is still a college kid and jambaman is a sophmore

Mar 29, 2011

I carry a student Visa with a $200 credit limit.

Surprise twist - I'm not a student ;)

    • 1
  • eyelikecheese
  •  Mar 29, 2011

Damn, that is true happypants. I need to up my game ASAP

Mar 29, 2011
ibanalyst:

no one here has an amex black

Speak for yourself ;)

Mar 11, 2011

I also have a mastercard with a fairly high limit that I don't usually keep balance on; but every now and then they send me the "redeem these checks for 0% interest for a year!" with a 3% transaction fee; I redeem, then pay minimum payments until the month before - when I pay off the entire balance, so in essence I get cheap money that i can invest at much better returns than the 3-4% I end up paying for it.

More is good, all is better

Mar 29, 2011

Chase Toys R Us.

Mar 29, 2011

I personally prefer to barter with Applebee's / TGI Friday's gift cards

Mar 29, 2011

Chase has a debit card that gives 3% back..not sure about credit.

Mar 11, 2011
Argonaut:

I also have a mastercard with a fairly high limit that I don't usually keep balance on; but every now and then they send me the "redeem these checks for 0% interest for a year!" with a 3% transaction fee; I redeem, then pay minimum payments until the month before - when I pay off the entire balance, so in essence I get cheap money that i can invest at much better returns than the 3-4% I end up paying for it.

I did that while in college a few years ago. We used to call that the APP O RAMA on the fatwallet forums. people would fill out 20 credit card applications on a single day and would get about 100k+ in available credit among all the open cards.

Most of the people played it easy and threw the money into a CD at ~5%. I nearly doubled mine through FX hedging strategies.

Mar 11, 2011
Guest1655:
Argonaut:

I also have a mastercard with a fairly high limit that I don't usually keep balance on; but every now and then they send me the "redeem these checks for 0% interest for a year!" with a 3% transaction fee; I redeem, then pay minimum payments until the month before - when I pay off the entire balance, so in essence I get cheap money that i can invest at much better returns than the 3-4% I end up paying for it.

I did that while in college a few years ago. We used to call that the APP O RAMA on the fatwallet forums. people would fill out 20 credit card applications on a single day and would get about 100k+ in available credit among all the open cards.

Most of the people played it easy and threw the money into a CD at ~5%. I nearly doubled mine through FX hedging strategies.

How were they able to get the cash from the credit cards?

More is good, all is better

Mar 11, 2011

I'm a student and I have some random Discover card. I pay it off every month so why was I just denied by Amex?

Mar 29, 2011

I was kidding obviously.

Mar 29, 2011

Meet me at Minetta's. Ask the bartender if you can start a tab on your Amex Gold so I know it's you.

Mar 29, 2011

AMEX is great, but I hate how half the places out there don't take AmEx

Mar 11, 2011
turtles:

I'm a student and I have some random Discover card. I pay it off every month so why was I just denied by Amex?

It takes a while to build and establish your credit history and it could also be because you don't have a steady source of income. Just keep paying off your card and you will be in good shape.

Mar 11, 2011

If you check out FlyerTak there are tons of strategies to get "cash-back" on credit cards, I think the current favourite is to purchase AmEx gift cards then get Presidential Dollar Coins from the US mint with free shipping:

http://www.flyertalk.com/forum/milesbuzz/833911-bu...
Way too much effort for me to be honest

For credit cards, I use AmEx Plat and Visa Continental when that's not accepted

Mar 29, 2011

Citigroup chairman card. platinum amex.

Mar 29, 2011

Starwood amex and chase freedom for necessary non amex use. Quicksilver Capital One is solid for no foreign transaction fees and 1.5 cash back.

Mar 29, 2011

happypantsmcgee for the love of god you have got to change your profile picture. that shit distresses me every time i see it.

People tend to think life is a race with other people. They don't realize that every moment they spend sprinting towards the finish line is a moment they lose permanently, and a moment closer to their death.

Mar 11, 2011
drexelalum11:

If you check out FlyerTak there are tons of strategies to get "cash-back" on credit cards, I think the current favourite is to purchase AmEx gift cards then get Presidential Dollar Coins from the US mint with free shipping:

http://www.flyertalk.com/forum/milesbuzz/833911-bu...
Way too much effort for me to be honest

For credit cards, I use AmEx Plat and Visa Continental when that's not accepted

I don't think you can cash in gift cards :(

More is good, all is better

Mar 11, 2011
Argonaut:
drexelalum11:

If you check out FlyerTak there are tons of strategies to get "cash-back" on credit cards, I think the current favourite is to purchase AmEx gift cards then get Presidential Dollar Coins from the US mint with free shipping:

http://www.flyertalk.com/forum/milesbuzz/833911-bu...
Way too much effort for me to be honest

For credit cards, I use AmEx Plat and Visa Continental when that's not accepted

I don't think you can cash in gift cards :(

No, of course not. IIRC, there was a thread on FlyerTalk about how credit cards will show purchases from the mint as cash advances (thus interest + no points), and people were getting around this by purchasing an AmEx gift card, then using that gift card at the mint.

Mar 11, 2011

AMEX gold ... But I'm still in school, so got some time.

Mar 29, 2011

Macy's

Mar 29, 2011

haha come on man I thought that shit was hilarious...but, in the interest of keeping everyone happy in their pants I will change it.

If I had asked people what they wanted, they would have said faster horses - Henry Ford

Mar 11, 2011

amex platinum. got it after i got stranded at the airport for four hours (no status, so no lounge access and didn't know anyone well enough yet) in my first month in PE. I've gotten a few perks with it so I can't complain. I may consider switching if they keep slimming down these airlines though.

I also like the Amex Bluesky card (although I haven't used it in awhile). Pretty good travel credits, directly to your statement.

Mar 29, 2011

I colored it with a black sharpie

Either you sling crack rock or you got a wicked jump shot

Mar 29, 2011

stfu

    • 1
Mar 11, 2011

how did they translate 100k+ in credit to actually being able to use (invest) the money?

think i'm going to try fidelity cash. is it the best cash card out there

Mar 29, 2011

None cares.

Matrick:

[in reply to Tony Snark"]

Why aren't you blogging for WSO and become the date doctor for WSO? There seems to be demand.

BatMasterson:

[in reply to Tony Snark's dating tip]

Sensible advice.

Mar 11, 2011

I don't use credit cards. I use cash, I am liquid and I won't buy into the credit system. When my bank call me to know if I would like to apply for overdraft protection, I told the caller :If I don't have enough cash to own it, then it's not mine. That's my principle. I don't overdraft too. When I was 12, I swear to my parents that I will never be in debt. No long term liability for me.

@SHORTmyCDO : I am not an idiot for not having a credit card. I have no need to build a credit history here.

Oui!oui!oui! Money Gives Power, Power Buys Positions

Mar 11, 2011
PiggyBank:

I don't use credit cards. I use cash, I am liquid and I won't buy into the credit system. When my bank call me to know if I would like to apply for overdraft protection, I told the caller :If I don't have enough cash to own it, then it's not mine. That's my principle. I don't overdraft too. When I was 12, I swear to my parents that I will never be in debt. No long term liability for me.

@SHORTmyCDO : I am not an idiot for not having a credit card. I have no need to build a credit history here.

i currently have a credit card that gives me 5% cash back on every purchase. everything i buy is 5% cheaper than it would be if i used cash. i am not buying stuff that i don't have enough cash for. i am just being smart and paying a lower price for stuff i need and can afford.

i also earn interest income (albeit, not much, but still positive) on the float between time of purchase and payment due date.

Mar 11, 2011
bankbank:
PiggyBank:

I don't use credit cards. I use cash, I am liquid and I won't buy into the credit system. When my bank call me to know if I would like to apply for overdraft protection, I told the caller :If I don't have enough cash to own it, then it's not mine. That's my principle. I don't overdraft too. When I was 12, I swear to my parents that I will never be in debt. No long term liability for me.

@SHORTmyCDO : I am not an idiot for not having a credit card. I have no need to build a credit history here.

i currently have a credit card that gives me 5% cash back on every purchase. everything i buy is 5% cheaper than it would be if i used cash. i am not buying stuff that i don't have enough cash for. i am just being smart and paying a lower price for stuff i need and can afford.

i also earn interest income (albeit, not much, but still positive) on the float between time of purchase and payment due date.

Well it's a matter of priority I guess. I have other reasons to not have a credit card. The choice is ours. I choose to not have one, you choose to have one, and we can be one big happy family :)

Oui!oui!oui! Money Gives Power, Power Buys Positions

Mar 11, 2011

PiggyBank et al, you guys do realize that the AmEx Green/Gold/Plat aren't credit cards, right? They are charge cards that have to be paid off in full. There are so many advantages to using an AmEx, only an idiot would use cash or a debit card.

Mar 12, 2011
drexelalum11:

PiggyBank et al, you guys do realize that the AmEx Green/Gold/Plat aren't credit cards, right? They are charge cards that have to be paid off in full. There are so many advantages to using an AmEx, only an idiot would use cash or a debit card.

Pal, I am not talking about the AmEx Green/Gold/Plat. I am talking about credit cards in general. I don't a credit card because there is no need for me to build my credit where I am. Some people don't have credit cards for valid reasons. Make sure you understand and know why they choose to not have credit cards until you call them "idiots."

Oui!oui!oui! Money Gives Power, Power Buys Positions

Mar 11, 2011

You're leaving money, benefits, etc. on the table if you don't use a credit card. The wealthiest people I know all use credit cards but I'm sure you have it figured out better than they do PiggyBank.

If I had asked people what they wanted, they would have said faster horses - Henry Ford

Mar 11, 2011

Starwood Amex and US Air Visa Debit (get 1 mile for every $2). Pay off the Amex with the USAir... See what I did there?

Mar 11, 2011

fidelity amex ftw as my default, also carry discover more, chase freedom, Citi forward, and use each one for the types of purchases that will earn me 5% instead of fidelity's 2%.

used to carry citi driver's edge and get 3% back on gas/groceries/drugstores, but they tragically retired that card on march 1st and replaced it with a piece of junk 'thank you' card.

Mar 11, 2011

piggybank, you sound like one of those freshmen in college thats like "I refused to drink alcohol. its so bad for you." when 1 drink a day is actually good for you

credit cards are only bad if you don't pay them off.. and charge cards are even better as they aren't credit cards. you should learn about that.

bankbank what 5% is that? chase freedom? any other one have thoughts on the AmEx Fidelity? Is that the card to go with for cash?

Mar 11, 2011
lifesgreatmystery:

piggybank, you sound like one of those freshmen in college thats like "I refused to drink alcohol. its so bad for you." when 1 drink a day is actually good for you

credit cards are only bad if you don't pay them off.. and charge cards are even better as they aren't credit cards. you should learn about that.

bankbank what 5% is that? chase freedom? any other one have thoughts on the AmEx Fidelity? Is that the card to go with for cash?

This is the trick of judging people when you don't know them.

1) I could never be one of these freshmen because I was never impressed by those who drink or those who do not drink in college. My place is not governed by age limit on trivial things like alcohol and cigarette, so alcohol is not a big deal whether you do it legally or illegally according to American laws.

2) Your assessment about my freshman year is screwed because it is based on nothing. I didn't tell the kid to not have a credit card, neither did I tell him that it's bad for him. I said I have some other reasons to not have a credit card and if having one is a priority to him, then good for him.

3) What's your point again? Dude, you don't need my approval to justify why you feel the need to have a credit card. It's important to build your credit, then that's all we need to know.

Oui!oui!oui! Money Gives Power, Power Buys Positions

Mar 11, 2011
PiggyBank:
lifesgreatmystery:

piggybank, you sound like one of those freshmen in college thats like "I refused to drink alcohol. its so bad for you." when 1 drink a day is actually good for you

credit cards are only bad if you don't pay them off.. and charge cards are even better as they aren't credit cards. you should learn about that.

bankbank what 5% is that? chase freedom? any other one have thoughts on the AmEx Fidelity? Is that the card to go with for cash?

This is the trick of judging people when you don't know them.

1) I could never be one of these freshmen because I was never impressed by those who drink or those who do not drink in college. My place is not governed by age limit on trivial things like alcohol and cigarette, so alcohol is not a big deal whether you do it legally or illegally according to American laws.

2) Your assessment about my freshman year is screwed because it is based on nothing. I didn't tell the kid to not have a credit card, neither did I tell him that it's bad for him. I said I have some other reasons to not have a credit card and if having one is a priority to him, then good for him.

3) What's your point again? Dude, you don't need my approval to justify why you feel the need to have a credit card. It's important to build your credit, then that's all we need to know.

The problem is you aren't paying attention to what anyone is saying. Nobody said, get a credit card and buy things you can't afford...they said, use a credit card, get points/money/rewards and pay it off every month.

That's great you don't buy into the credit system, maybe you don't have enough self control to own a charge/credit card, that's fine...just don't pretend like you've figured out the secret and we are all idiots because we got suckered into the credit system. The fact is, as previously pointed out, you are leaving money on the table. The stuff you purchase could be cheaper and you could put your money to work for you for just a bit longer than you would otherwise...which are smart things.

I'm glad you are adhering to the principals you conjured up at the intellectually astute age of 12. A smart person would reevaluate their position and determine if it's still the best option. Unfortunately your 'no credit principal' seems to fall short of the interest earning, price decreasing impact that occurs when a credit card is used in an appropriate manner.

Regards

Mar 16, 2011
lifesgreatmystery:

piggybank, you sound like one of those freshmen in college thats like "I refused to drink alcohol. its so bad for you." when 1 drink a day is actually good for you

credit cards are only bad if you don't pay them off.. and charge cards are even better as they aren't credit cards. you should learn about that.

bankbank what 5% is that? chase freedom? any other one have thoughts on the AmEx Fidelity? Is that the card to go with for cash?

I don't know. I carry a credit card solely for cashback purposes, but PiggyBank's perspective on this is totally cool, too. Before 1980, walking into a car dealership, rolling out 80 $100 bills (back then that would have worked out to being $25-$30K in today's money), and quite literally paying cash for the transaction was considered the height of respectability if you were not dressed like a purveyor of illegal goods or services. Lines of credit, financing, and credit cards were signals that people were having a tougher time getting by. (Charge cards like Amex perhaps excepted).

I think credit cards win on pragmatism, but I still think we should respect folks who pay cash- it signals self-sufficiency and independence.

Mar 11, 2011

Better question, I'm 18 have a "steady" income which card should I get.

The answer to your question is 1) network 2) get involved 3) beef up your resume 4) repeat -happypantsmcgee

WSO is not your personal search function.

Best Response
Mar 11, 2011

With the exception of Argonaut there's a fair amount not great advice or outright misinformation on this thread. First, nobody has a 5% flat cashback card. There might be certain things you get 5% on or it could be 5% for a teaser period but 5% flat for life would mean an issuer loses money on every single transaction you make. So just no. Also that US mint loophole to get your rewards tier is closed, but it used to work if you were shameless enough to walk into a bank with a pallet of dollar coins to earn 1% cash back on like 4 grand of annual spend. Additionally if you applied for 20 cards in one day, you might be able to get away with it if you did it quickly enough but then you'd have 20 hard inquiries for the next 2-3 years. Good luck getting a loan after your FICO gets smashed.

2% cashback is about the best thing you can get in market right now either in a check, statement credit or through redemption. Fidelity card is good if you have a Fidelity account, Discover has a straight 2% cashback card, Cap1 Venture works out to 2% in statement credits if 2% of your expenditures are travel related. Most premier Amex charge cards (Gold, Platnium) only get you about 70 bps on the dollar in cash equivalent per point, but there are ways to rack up more points per dollar spent if you pay attention to promotions etc.

Balance transfer gaming can be pretty dangerous if you are using it to invest but is definitely something that can be done if you have the available line. If you are going to bite on any of those offers make sure it's a 0% for 12 months with 3% or less fee. They are also good if you want to finance a big purchase for 2-3% interest and don't have the cash on hand or want to preserve liquidity. Vacations, engagement rings etc but the downside is then you don't get points.

I currently have a Amex Gold and a Venture card with my girlfriend as a authorized user. So one card for myself and one card for "couple" related expenses. Needless to say the Venture gets a lot more mileage. Another thing to keep in mind is most top shelf rewards cards have a annual membership fee. Amex's charge cards being some of the highest. 175 for gold and 450 for platinum if I remember correctly (could be off a bit). The simple math you can do to figure out is it worth it to you to get one of these is annual spend * rewards cash equivalent rate - AMF = Value Proposition to you. Some cards have other perks like airport lounges, concierge services and what not that you should factor in as well based on how frequently you might use them.

These questions have been asked several times since I joined the board so here is my advice for all the college kids or new to credit (industry term) first year analysts still rocking a Wachovia debit card. You may have managed to have a halfway decent FICO but you won't have much in the way of credit history. Most upmarket cards want people to have 15k+ lines or loans going back a couple years. Get a new to credit card (Cap1, HSBC, Citi) with an issuer that has an upmarket card you think you'd like in a year or two. Then go about your life and try not to pay interest. If you are already working, you'll be spending in the 10-20k range if you put everything on that card that you can annually. The issuer will take notice of that spend and statement performance that a credit score won't and it will be a lot easier to call in and upgrade to a nicer rewards card then it would be to just wait around until you paid back enough of your student loans to get considered for the card outright.

Mar 11, 2011
Aggravate:

Amex's charge cards being some of the highest. 175 for gold and 450 for platinum if I remember correctly (could be off a bit). The simple math you can do to figure out is it worth it to you to get one of these is annual spend * rewards cash equivalent rate - AMF = Value Proposition to you. Some cards have other perks like airport lounges, concierge services and what not that you should factor in as well based on how frequently you might use them.

If you travel for personal reasons, especially if you travel internationally, then amex platinum is pretty much a no-brainer. But otherwise, yes, the annual fees are probably not worth it.

Mar 11, 2011
Aggravate:

With the exception of Argonaut there's a fair amount not great advice or outright misinformation on this thread. First, nobody has a 5% flat cashback card. There might be certain things you get 5% on or it could be 5% for a teaser period but 5% flat for life would mean an issuer loses money on every single transaction you make. So just no. Also that US mint loophole to get your rewards tier is closed, but it used to work if you were shameless enough to walk into a bank with a pallet of dollar coins to earn 1% cash back on like 4 grand of annual spend. Additionally if you applied for 20 cards in one day, you might be able to get away with it if you did it quickly enough but then you'd have 20 hard inquiries for the next 2-3 years. Good luck getting a loan after your FICO gets smashed.

2% cashback is about the best thing you can get in market right now either in a check, statement credit or through redemption. Fidelity card is good if you have a Fidelity account, Discover has a straight 2% cashback card, Cap1 Venture works out to 2% in statement credits if 2% of your expenditures are travel related. Most premier Amex charge cards (Gold, Platnium) only get you about 70 bps on the dollar in cash equivalent per point, but there are ways to rack up more points per dollar spent if you pay attention to promotions etc.

Balance transfer gaming can be pretty dangerous if you are using it to invest but is definitely something that can be done if you have the available line. If you are going to bite on any of those offers make sure it's a 0% for 12 months with 3% or less fee. They are also good if you want to finance a big purchase for 2-3% interest and don't have the cash on hand or want to preserve liquidity. Vacations, engagement rings etc but the downside is then you don't get points.

I currently have a Amex Gold and a Venture card with my girlfriend as a authorized user. So one card for myself and one card for "couple" related expenses. Needless to say the Venture gets a lot more mileage. Another thing to keep in mind is most top shelf rewards cards have a annual membership fee. Amex's charge cards being some of the highest. 175 for gold and 450 for platinum if I remember correctly (could be off a bit). The simple math you can do to figure out is it worth it to you to get one of these is annual spend * rewards cash equivalent rate - AMF = Value Proposition to you. Some cards have other perks like airport lounges, concierge services and what not that you should factor in as well based on how frequently you might use them.

These questions have been asked several times since I joined the board so here is my advice for all the college kids or new to credit (industry term) first year analysts still rocking a Wachovia debit card. You may have managed to have a halfway decent FICO but you won't have much in the way of credit history. Most upmarket cards want people to have 15k+ lines or loans going back a couple years. Get a new to credit card (Cap1, HSBC, Citi) with an issuer that has an upmarket card you think you'd like in a year or two. Then go about your life and try not to pay interest. If you are already working, you'll be spending in the 10-20k range if you put everything on that card that you can annually. The issuer will take notice of that spend and statement performance that a credit score won't and it will be a lot easier to call in and upgrade to a nicer rewards card then it would be to just wait around until you paid back enough of your student loans to get considered for the card outright.

you are correct that my 5% card is introductory - 6 months. i think i can earn 1-2 grand cashback in that period without trying to game it - just spending I need to do. more if i wanted to do mint or something (which is not dead). and, if I want to I can prepay a lot of large expenses that would hit outside of the 6 month period (rent, income tax) and churn them through the card, paying it off with bank savings account (this would be a short-term bet towards the end of the 6month promotion period that interest income on my savings account would not be greater than the 2.5% spread I would make paying things like rent/taxes on the card).

1-2 grand tax free is real money to me. i'm guessing most people on this board don't have as much normal course spending as i do, but a 5% discount on everything, even if only for 6 months, should sound sweet to anyone.

Mar 11, 2011

Chase Sapphire Preferred is awesome

Mar 11, 2011

im with piggybank on this one, I cant be arsed to get some 2% cash back (which is minuscule with my spending habits).

Debit cards are just easier, no need of worrying about paying shit off at the end of the month.

Mar 11, 2011

I spend about 2K a month on my card, that is 24K a year. 2% of that is $480, minus the $80 annual fee. I think a $400 cash back bonus every year is worth remembering to make a payment every once in a while.

Mar 11, 2011

Fidelity Amex doesn't require a Fido account (if you have one though you can get your 2% cashback with as little as $50 accrued vs. waiting till you have $250+ but that's easy to hit). No annual fee as well and no minimum spend to hit 2%. Straight cash homey.

Mar 11, 2011

I use Amex Gold Premier card. Also have a 1% cash back Visa BofA card I got when I was like 18.

I used the Amex for absolutely everything that is willing to accept Amex. If they dont accept Amex then I use Visa BofA.

Mar 12, 2011

So basically, you live in Somalia? How do you even have internet access?

Mar 12, 2011
drexelalum11:

So basically, you live in Somalia? How do you even have internet access?

That or he is Hood Rich.. and they don't accept credit in his neighborhood. Or Straight cash, walks around with thousands of dollars at all times.... not sure which one is worse.

The answer to your question is 1) network 2) get involved 3) beef up your resume 4) repeat -happypantsmcgee

WSO is not your personal search function.

Mar 13, 2011
drexelalum11:

So basically, you live in Somalia? How do you even have internet access?

I plug it in your butt.

Oui!oui!oui! Money Gives Power, Power Buys Positions

Mar 12, 2011

hahah

Mar 12, 2011

Great comebacks kiddies! You can do better than that.

Oui!oui!oui! Money Gives Power, Power Buys Positions

Mar 12, 2011
PiggyBank:

Great comebacks kiddies! You can do better than that.

Does your piggybank go clickity clank clickity clank?

The answer to your question is 1) network 2) get involved 3) beef up your resume 4) repeat -happypantsmcgee

WSO is not your personal search function.

Mar 12, 2011

Subd

Mar 13, 2011

Considering this is a finance forum, I'm surprised nobody has mentioned the fact that as long as you pay off your balance in full, it makes more economics sense to use a credit card due to the time value of money.

Mar 13, 2011
milkman84:

Considering this is a finance forum, I'm surprised nobody has mentioned the fact that as long as you pay off your balance in full, it makes more economics sense to use a credit card due to the time value of money.

think this kind of goes without saying, and actually is implicitly mentioned when people (like myself) talk about making money off the float between time of purchase and time of paying credit card

Mar 13, 2011

That's all fine, but why would you post in a thread about credit card usage if you don't use one? It's economically irrational for a person not to use a credit card (responsibly, of course)... so you add literally nothing to this thread with your rants about not using a card.

Mar 13, 2011

Thanks piggy bank, you contributed to a forum asking what credit cards people use by saying "none"

Kind of like saying the best way to prevent unwanted pregnancies/diseases is abstinence. Bravo

Bottom line - yes, it is advantageous to use credit cards responsibly and I use a gold amex delta skymiles card. Thinking about picking up a discover or BofA Visa for some cash back benefits.

Now that piggybank has spent some time wasting everyone elses, anyone have any thoughts on the best cashback card? A few people have mentioned a couple already...

Mar 13, 2011
K F:

Thanks piggy bank, you contributed to a forum asking what credit cards people use by saying "none"

Kind of like saying the best way to prevent unwanted pregnancies/diseases is abstinence. Bravo

Bottom line - yes, it is advantageous to use credit cards responsibly and I use a gold amex delta skymiles card. Thinking about picking up a discover or BofA Visa for some cash back benefits.

Now that piggybank has spent some time wasting everyone elses, anyone have any thoughts on the best cashback card? A few people have mentioned a couple already...

I wasted your time little fucker? Do I have more control over your time than you? Go suck some dicks as you normally do. :)

Oui!oui!oui! Money Gives Power, Power Buys Positions

Mar 13, 2011

American Express: Bank of America American Express Accolades. Equivilent or greater benefits than the Platium Amex. This card is a no brainer if you are offered it from BofA. Companion tickets, Priority Pass, Consierge, Points, travel benefits, etc...

Also have a Visa for the merchants that do not accept Amex.

Mar 14, 2011

Question for those with credit cards now, what was your first card?

The answer to your question is 1) network 2) get involved 3) beef up your resume 4) repeat -happypantsmcgee

WSO is not your personal search function.

Mar 14, 2011
blackfinancier:

Question for those with credit cards now, what was your first card?

Visa through the bank that had my checking account.

Mar 14, 2011
blackfinancier:

Question for those with credit cards now, what was your first card?

Citi mtvU Visa - to this day still carry its first cousin, Citi Forward Visa, as part of my arsenal.

Mar 14, 2011

Should I get Amex or Discover?

Oui!oui!oui! Money Gives Power, Power Buys Positions

Mar 14, 2011

Discover was my first but its not taken that many places anymore I don't think. Use/used it for online stuff only pretty much.

If I had asked people what they wanted, they would have said faster horses - Henry Ford

Mar 14, 2011
happypantsmcgee:

Discover was my first but its not taken that many places anymore I don't think. Use/used it for online stuff only pretty much.

Serious answer now:

I don't have a card for the same reasons as feenans. I am an international student with no credit history. I am not planning on staying in the U.S after school so I don't really need to build credits for big loans/morgtages.I am planning on going back to Somalia. Nevertheless, I have a sister who advises me to take a card because it can become handy to rent or buy a car in the U.S. Since I travel a lot, I would like a card that gives great reward points for miles.

I received an offer in the mail from Discover today. It's ironic that it came after our little credit card debat. I won't take their offer though because I applied for a Discover card in the past and they couldn't give me one because I had no credit history.

Oui!oui!oui! Money Gives Power, Power Buys Positions

Mar 14, 2011

I love how PiggyBank manages to end up with few banana points than when he started, lol.

Regards

Mar 14, 2011
cphbravo96:

I love how PiggyBank manages to end up with few banana points than when he started, lol.

Regards

It was fun pissing the kids off who were getting angry over such a trivial thing. The more pissed they were, the more fun it became. They were too stupid to take the bait.

Oui!oui!oui! Money Gives Power, Power Buys Positions

Mar 14, 2011

Discover Cash Back is the main one. No annual fee. Don't know APR, pay it off each month. Try not to put more than 10% of limit on the card each month. Can't go wrong with this.

  • Mr. Cheese
  •  Mar 14, 2011

Man I don't know how this simple thread turned into a he-said-she-said sissy fight, buttt

I signed up for the Chase Sapphire and got $250 or 25,000 points for nothing!! Look into this card, it has amazing rewards and no fees.

Mar 14, 2011

Hey guys any advice on getting a secured card?
I'm not a citizen, and my application for a student card got rejected from my checking bank despite a large balance, because I have no credit history. Supposedly the only way now is to open a secured card with a deposit...anyone have experience with that? Chase doesn't offer those, I was gonna go to Citi now...

P.S. It's an interesting change from before the crisis. My buddy was also an international student, and he said he got promotional offers for credit cards in mail BEFORE he even had a social security number. Goes to tell you how "strict" the lending was haha

Mar 14, 2011

or to get a hotel room. or many other things. but also if youre a finance person you should realize that getting any sort of instant cash back = a good thing and if youre too lazy to take advantage of that you's = fail

Mar 14, 2011
shorttheworld:

or to get a hotel room. or many other things. but also if youre a finance person you should realize that getting any sort of instant cash back = a good thing and if youre too lazy to take advantage of that you's = fail

Hotel room is definitely a plus, especially when I travel with a group of friends.

Oui!oui!oui! Money Gives Power, Power Buys Positions

Mar 14, 2011

So essentially what I'm getting is to get the Chase Sapphire. What's the difference between this one and the preferred. Also, how is this better than an AMEX or a regular Visa from BofA/Citi? Is there a benefit as to which bank to go through?

Mar 14, 2011

Sapphire is great if you can pick up the $250 bonus to start out, otherwise it's a typical 1% back in points, nothing to write home about. Fidelity Amex is 2% cash back as many people have stated, and in the ~9 months I've had it, I've really only run into a handful of places that didn't accept Amex.

As a backup, Chase Freedom Visa is minimum 1% cash back no matter what, and 5% in certain categories that rotate throughout the year.

  • Mr. Cheese
  •  Mar 14, 2011

I wouldn't say its any better or worse than an amex gold. WIth Sapphire I got $250 dollars and with AMEX I got the first year($175) waived and 10,000 points($100). The AMEX is a charge card while the Chase is a credit card with no annual fee. I think the better rewards, depending on what you hope to get out of the rewards program as well as what you spend money on, would be the AMEX. 3X on travel, 2X on gas/groceries which most people use weekly, and 1X on everything else. Customer service is impeccable. It doesn't matter which bank you go through, all credit cards should be a personal decision based on your own spending habits.

Mar 15, 2011
Mr. Cheese:

I wouldn't say its any better or worse than an amex gold. WIth Sapphire I got $250 dollars and with AMEX I got the first year($175) waived and 10,000 points($100). The AMEX is a charge card while the Chase is a credit card with no annual fee. I think the better rewards, depending on what you hope to get out of the rewards program as well as what you spend money on, would be the AMEX. 3X on travel, 2X on gas/groceries which most people use weekly, and 1X on everything else. Customer service is impeccable. It doesn't matter which bank you go through, all credit cards should be a personal decision based on your own spending habits.

Specifically, which AMEX are you talking about? Does it have an annual fee? All the ones I've looked at haven't mentioned the 3x and 2x rewards. Also, for the fidelity one, according to the website the only thing you can redeem your points for is a cash deposit into your fidelity account. Is that correct?

What are the advantages to having the preferred cards (the ones you pay annual fees for) such as amex green/gold or the sapphire preferred. Would it be worth the $85 a year to get those extra benefits? I'm going to apply for my first non-parental associated card and don't really understand everything so I apologize for all of the questions.

Mar 14, 2011

How do you get these start up bonuses? just spend a certain amount in the first 3months or something? And when you're saying AMEX can you be more specific? There's a bunch of them. Or is it specifically the fidelity one. And will the amex/sapphire change based on what bank i get it through? Lastly, what types of places will NOT accept AMEX?

Mar 14, 2011

Sapphire is only through Chase. Some people here are talking about straight up cards, but I (and others) have been referring to the Amex-branded Fidelity card.

Startup bonuses are offered at various times for new applications - check the respective websites to make sure, but I think the $250 Sapphire one has been going steadily for a while.

I really can't think of many places that haven't accepted Amex off the top of my head - although the one that I do remember was my car insurance, which was pretty annoying, since that was one of my biggest credit card charges ever. Had to take the 1% back with Chase Freedom instead of the 2% back through Fidelity.

  • Mr. Cheese
  •  Mar 15, 2011

My sincerest apologies I was talking about the Amex gold. Just call a customer service rep and talk to them

Mar 15, 2011

You do have to open a Fidelity account for the Fidelity Amex, but you can open what they call a 'mySmart Cash Account' which basically acts like a checking account, and is completely free.

As a nice bonus, it's actually a pretty nifty checking account - biggest perk is an ATM card that refunds all ATM fees (at least in the US).

Mar 15, 2011

With 25k point bonus, bonuspointsmall bonuses, and booking travel on amex website I got about 130 k points after a year.

More is good, all is better

Mar 15, 2011

I carry a Discover Open Road (Double Points on Gas and Eating Out) and Chase Freedom (5% in rotating categories, 1% for everything else).

The Discover was my first card, and they approved me when I was a student with no history, after other cards turned me down. People have mentioned that Discover isn't accepted everywhere, but it seems to have gotten better over the last few years. Still, I got the Chase Freedom for places that don't take Discover, and to take advantage of the 5% cash back in rotating categories throughout the year.

So far I've stuck to cards with no annual fees, though soon I may venture into some that do (AMEX).

Mar 15, 2011

i am using titanium amex and am proud of it

Mar 16, 2011

The cards I currently have are Amex Platinum and Hyatt card (from Chase). I also have a few legacy cards from Citibank that are mainly backup in case I lose my two main cards.

Mar 16, 2011

FIA Visa Black Card. 2% cashback on all purchases from Miller Light at Wal-Mart to a sandwich at Subway. One of the few places I am willing to be mildly elitist is on credit scores. :D

Mar 16, 2011

What do you need for a Visa Black Card? Credit score and spending power wise?

Mar 16, 2011
Nobama88:

What do you need for a Visa Black Card? Credit score and spending power wise?

For a BofA Visa 2% cashback Signature card, FICO of 760+, limited debt, a brokerage account with reasonable assets, and a middle-class salary. Spending-wise, it's totally doable for most bankers. Remember, I have one of the worst reputations for thrift on the boards and heck I qualified on the spend level.

It just takes a number of years of credit history to get there. Mine started at 16 and I'd had three years of job history when I qualified for the card. I think qualification has a lot more to do with risk than anything else. Bear in mind that a 2% cashback card has a much narrower profit margin for the issuer.

Mar 16, 2011

Nobama, are you talking about the Amex Black Card, the Centurion or something similar offered by Visa.

If I had asked people what they wanted, they would have said faster horses - Henry Ford

Mar 16, 2011
happypantsmcgee:

Nobama, are you talking about the Amex Black Card, the Centurion or something similar offered by Visa.

No, if I am not mistaken Visa has a "black" card also. From what I have heard it is not nearly as prestigious as the Amex Black / Centurion card - the Visa Black card is more in line with Amex Platinum in terms of rarity.

Mar 16, 2011
Nobama88:

No, if I am not mistaken Visa has a "black" card also. From what I have heard it is not nearly as prestigious as the Amex Black / Centurion card - the Visa Black card is more in line with Amex Platinum in terms of rarity.

Well, yes. It's probably about as common as Amex Platinums. Anyone with white-collar looking liquid assets and middle-class spending habits can get one.

Between an Amex Platinum and Visa Black card, it's really about preference. Do you want to spend $500/year for a bunch of extra features and no cashback? Or do you want to take the money and run for no annual fee and no minimum spend?

Mar 16, 2011

Amex Platinum has the benefit of the medical evac service though. Always thought that was cool.

If I had asked people what they wanted, they would have said faster horses - Henry Ford

Mar 16, 2011

I have Amex green, how long before I can switch over to gold or platinum?

Mar 16, 2011
fartmouth:

I have Amex green, how long before I can switch over to gold or platinum?

You can apply directly for it, I'm pretty sure.

https://www201.americanexpress.com/cards/apply/pre...
If you go to MyFico.com, you can get a credit score. They usually have a 20% off coupon that you can find on one of the coupon sites (just google myfico.com coupon). I have a feeling Amex will be looking for a Fico of at least 720-740.

Mar 17, 2011

Amex Centurion

Mar 17, 2011
turtles:

Amex Centurion

Couple of my friends have it. I keep telling them they're crazy. If you use an Amex Fidelity or FIA 2% Cashback Signature Visa, you get $5K cashback just based on minimum spends. That's enough for someone like me to buy a used Honda and still have $1-2K left over to save.

Mar 17, 2011
IlliniProgrammer:
turtles:

Amex Centurion

Couple of my friends have it. I keep telling them they're crazy. If you use an Amex Fidelity or FIA 2% Cashback Signature Visa, you get $5K cashback just based on minimum spends. That's enough for someone like me to buy a used Honda and still have $1-2K left over to save.

You never cease to amaze me. You have got to be the only person on earth with multiple friends that have a Centurion card that would even consider buying a 5 thousand dollar honda. God bless you for your commitment to your alternative lifestyle.

If I had asked people what they wanted, they would have said faster horses - Henry Ford

Mar 17, 2011

Anyone else use creditkarma.com?

Mar 17, 2011

amex blue travel. essentially it's offering 1.33% cashback.

Mar 21, 2011

Amex says it's proprietary. My understanding is that the minimum spend is $250K, so I would imagine at least $500K/year in after-tax income and a FICO of at least 760. Liquid and non-liquid assets are always helpful.

The real secret is that if you run your own small business or are in a situation where you can commingle personal and business expenses, you get an AMEX Platinum card and start charging it for your business. Eventually, once you get to a high enough number and have a good record of making payments consistently, they will call you up and offer a Centurion Card.

My friends are actually pretty low-key guys aside from an adventure sport or two. One of them runs a construction business upstate and the other runs a high-end web hosting business.

For the FIA Visa Signature 2% cashback card, probably a $10-15K minimum spend, liquid assets of probably double that in a linked brokerage account (they used to offer it through Fidelity and Schwab), and a FICO of 740+.

Basically, both cards are going to want to see that you're in very strong financial shape relative to your spending, but the Centurion Card really requires a business with regular operating expenses- or $500K/year in personal income. But most folks with the card just run their own small business.

Mar 21, 2011

Gotcha

What did you need for the Fidelity 2%? I applied but got a "We will send a formal letter with the outcome within 30 business days". My credit score is in the 700s.

Mar 21, 2011
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